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Rolex Marketing Plan

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Rolex marketing plan created by Jennifer Plopan for UCLA New Media Marketing class.

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Rolex Marketing Plan

  1. 1. ROLEX MARKETING PLAN Jennifer Plopan • New Media Marketing • UCLA Extension • Winter 2013
  2. 2. CONTENTS 1. Executive Summary 1 2. Situational Analysis 2 Strengths/Weaknesses/Opportunities/Threats 3 4. Mission, Vision, Objectives 4 5. Target Market 5 6. Marketing Strategy Promotion/Campaign Strategy 6 Advertising 6-7 7. Action Program 8 8. Financial Forecast 9 9. Conclusion 10
  3. 3. EXECUTIVE SUMMARY Rolex SA (Société Anonyme, meaning “anonymous company” in French) is a private company and the single largest luxury watch brand in the world. They manufacture, distribute and service wristwatches. In 1905 in London, Hans Wilsdorf and Alfred Davis founded Wilsdorf & Davis, which eventually became “Rolex,” and was registered as a trademark in 1908 and as a company in 1915. Rolex moved to Geneva, Switzerland in 1919. They are responsible for many innovations in the watch industry including the first self-winding watch, the first waterproof case, the first watch with a date on the dial, the first watch to show two time zones at the same time and the first brand to earn the chronometer certification for a wristwatch. While Rolex has consistently sold to an upper class target market that consists of mainly men over the age of 35, there is an untapped market that needs to be addressed. This marketing plan will look at the current target market as well as the new market that will be covered. A situational analysis will be conducted including an evaluation of the strengths, weaknesses, opportunities and threats of the company. A proposal for a new marketing strategy will be introduced, including a plan of action and a financial forecast for the future. In order to continue their dominance of the luxury wristwatch industry, Rolex must look at the younger generation and find a way to convince them that the product is a necessary purchase. This report describes how the company will approach this issue. 1
  4. 4. SITUATIONAL ANALYSIS Rolex is a strong brand with a long history of high-quality luxury watches that are the ultimate aspiration of the consumer. A Rolex is a status symbol known throughout the world. They have 28 affiliates worldwide and rely on 4,000 watchmakers in over 100 countries, which gives them a prominent global presence. The weaknesses include the price point, which only the affluent can afford. Another problem is that the current younger generation has grown up with cell phones, which they use to tell time. In the past, a watch was more valued, but for kids today, the cell phone often replaces the watch. Finally, Rolex also produces a high-volume of watches, which is a problem with watch aficionados who often prefer to be “unique” and own pieces that few others own. The opportunities for Rolex include the development of an effective social media campaign. For example, Rolex has a website with a YouTube channel link, but does not have links to other social media sites. These accounts would allow Rolex to have an open dialogue with their customers as well as potential customers. There are many Rolex fans and knockoff companies that have created pages, but there are no verified “official” Facebook or Twitter pages, for example. Another great opportunity for the brand is to educate the younger market so they understand the value of watches and buy upstream later in life. Rolex can also continue to come up with more limited editions of their watches that would create more individuality. One of the biggest threats to the company is the current recession. People are spending less money on “frivolous” purchases and high-end watches are certainly not a necessity. Another great threat is the wide variety of counterfeit products that are in the market. There are many manufacturers, especially in China, that produce knock-off Rolex watches that look and feel like the real thing. An additional factor is that Rolex produces about 2,000 watches a day and that is the highest volume in the luxury watch industry. The higher the volume produced can equal a lower quality. Other high-end watch companies are also a threat, including Omega, Cartier, Roger Dubuis and Patek Philippe. 2
  5. 5. SITUATIONAL ANALYSIS Strengths, Weaknesses, Opportunities and Threats 3
  6. 6. MISSION, VISION, OBJECTIVES MISSION To manufacture, distribute and service high-quality wristwatches. VISION To continue the long tradition of excellence that the Rolex name represents. OBJECTIVES • Educate the younger market on the value of wristwatches. • Create a social media strategy that will encourage users to interact with the brand as well as extend the message to a larger audience. • Promote the purchase of wrist watches as a “reward” for key successes in a young man’s life. 4
  7. 7. TARGET MARKET Current Market: The current target market for Rolex is wealthy consumers that are looking for high quality and exclusivity. The products are created for those who want to show off their wealth. The typical Rolex owner is male and above the age of 35, sometimes a celebrity or sports figure. Rolex is an international brand of Swiss watches that is valued all over the world with over 50% of the market residing in the US, Hong Kong, China, France and Singapore. Market Segment: 21 to 35 year old males living in the United States who have recently landed a high-paying job, earned a promotion or received a bonus. These are young men who want to show off their newfound status. They have bought their expensive suits and shoes to wear to their job, but they need to complete the look with the sophistication of a Rolex watch to show that they have “made it.” This target market currently values cell phones as their primary way to tell time and they do not yet appreciate the value of a watch. They need to be educated on why they should be wearing a watch as opposed to checking their cell phones for the time. Watch sales have dropped considerably by as much as 30% in the past several years among young men. This is a market that needs to be shown how owning a watch is a sustainable competitive advantage. This group is highly active on the internet and is influenced by advertising and their friends’ postings on Facebook, Twitter and YouTube. Secondary Market Segment: Parents and grandparents of 18-24 year olds who are rewarding their son or grandson for graduating from high school or college or even obtaining a new job. These are 40+ year old men and women making above $65,000 per person per year. They are sophisticated and know the value of a high-quality timepiece and are passing that knowledge onto their son/grandson. After receiving a Rolex watch as a gift, the young man will see the value of the watch and purchase more from the brand in the future. 5
  8. 8. MARKETING STRATEGY PROMOTION/CAMPAIGN STRATEGY: Positioning • High-end luxury brand that is the ultimate aspiration of the consumer. • Fashionable alternative to using a cell phone to tell time. • Status symbol. ADVERTISING: TRADITIONAL MEDIA Magazine Advertisements- Rolex will place ads in men’s magazines such as Maxim and GQ. Ads will cater to the target market and attempt to educate them on the value of wristwatches as rewards and alternatives to cell phones to tell time. Billboards- Ads will be placed on billboards in major cities, mainly in affluent areas to hit the target market. Both traditional and digital billboards will be utilized. Ads at sporting events- Ads will be strategically placed at sporting events that young men attend including, but not limited to, basketball, football and hockey games. Sponsorship of music concerts- Rolex will sponsor concerts that are popular with the target market. Ads will be placed throughout the concert venues as well as in the programs. The logo and name will be included all over the concerts promotional materials. 6
  9. 9. ONLINE MEDIA Website- A section of Rolex.com will be developed that caters to the target market and conveys the benefits and value of wristwatches. • The website will include links that are prominently displayed on the homepage including Twitter, Facebook and YouTube. The user can then easily connect with Rolex’s social media sites with one simple click. SOCIAL MEDIA Twitter- An official Rolex account will be created and verified. This account will be managed by a social media team that will tweet daily to educate the audience as well as respond to comments and concerns of their followers. Facebook- An official Rolex page will be created and monitored by a social media team. Information will be updated on a regular basis and the team will interact with Facebook fans. YouTube- An official YouTube channel will be established and include videos and advertisements that cater to the target market. Each week there will be a new video that educates users on different features of Rolex watches. 7
  10. 10. ACTION PROGRAM Implementation: This timeline covers the launch of traditional media, online media and social media. The advertising agency will work with the marketing team on the new look and feel between April and July of 2013. The new campaign will be rolled out in the fall (September/October 2013). The second phase will take place in spring (March/April 2014), just before high school/college graduation. TRADITIONAL MEDIA New creative will be developed for the campaign advertisements and billboards starting in April 2013. The creative team at the advertising agency will have 3 months to come up with the final direction as approved by marketing and the media will rollout as follows: Magazine/Billboard advertisements will run starting October 2013. The second phase will run in March 2014. Ads at sporting events will run starting October 2013 or later depending upon contracts and choices of events. Sponsorship of music concerts- research will begin in April 2013 involving the choice of concerts and partnerships should be in place by October 2013 in order to feature the new creative look. ONLINE MEDIA After the creative direction has been chosen from the advertising agency, the look and feel will be developed into a section of the current website that is cohesive with the Rolex brand. • The website addition will be implemented in September 2013, concurrently with the introduction of the new advertisements. The second promotional phase will be implemented in March 2014. SOCIAL MEDIA Twitter/Facebook- The new accounts will debut in August 2013 in order to create buzz and prepare for the new campaign. YouTube- The official channel will debut in August 2013 with a preview/teaser of what will be coming soon from the brand. Small elements of the new campaign will be revealed weekly until the full introduction in October. In March 2014, previews of the second campaign will be revealed weekly and fully introduced by April. 8
  11. 11. FINANCIAL FORECAST • Increase daily production by 10%. (An extra 200 watches per day on top of the 2,000 that are already being produced.) • Increase sales profit percentage to more than the percentage of population growth per year. Parameters: • New Marketing: Marketing team, financial team, sales teams, public relations, social media team, web development, advertising, event production. • Cost of Goods Sold: Watch materials, shipping, packing, quality control. 9
  12. 12. CONCLUSION This marketing plan summarizes the main points of how Rolex will market their wristwatches to a younger generation than the current target market. This expansion will allow Rolex to move into an untapped area that needs education on the value of a high-quality time piece. In order to properly address this objective, Rolex needs to update their marketing strategy to include a greater presence in advertisements that target this younger market as well as a strong showing in the social media realm. Rolex has a long tradition of creating the standard for luxury in wristwatches. By adding a new segment of the population to their customer base, they will ensure that they continue their standard of excellence. Moving forward as technology evolves is key in achieving this goal. 10

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